Tuesday, September 30, 2008

We are hunkered down. We've brought in supplies for the long November haul. Our new minds are set. Storm windows are affixed and our shutters pulled tight and locked. Our safes are stuffed with inflated tender; confederate currency for a later day perhaps, pilfered from the Dows, the Joneses, and the Banks of middle America. Our media scouts up on the Hill tell us there is hope on the fiscal horizon but the morning on this day is still dark and cool. We put our ears to the ground and sense apathy rumbling amongst our uncivil servants.

We've opened our garage stables and set our horses free to run in the solar wind, too expensive to maintain anymore. We are willing to walk away from our leveraged homesteads, settling for pennies on the dollar when our escrowed notes expire; Selling short. Falling shorter.

On the safe side of the glass we look across the plains and into the vortex. We count our blessings on one hand and await the new Obama Nation with fingers crossed, on the other. Our children join us on our financial corners begging for spare Euros. You can keep the Change. We want Service... and at least two weeks in Cabo (oceanfront) for the holidays. We are, after all, still Americans.

Thursday, September 25, 2008

Remember dear readers and real estate enthusiasts across Chicago: What went down will come back up. Hopefully, this can help you figure out when. Just Subscribe in the sidebar to the right for the latest Chicago real estate trends>>>>>>>

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Monday, September 15, 2008

I was working with an out-of-state client earlier this summer who had just completed the last stage of his Medical Residency and was planning a move to Chicago. He was hoping to purchase a condominium along Lake Michigan that was walking distance to his new hospital and priced around $300,000. The two big, lingering questions on his mind were:1) 'How would his accrued Medical School debts affect his ability to purchase a first home?' and2) 'How much down payment and closing cost money would be needed for such a purchase?

I immediately shot off an email to Chris Hahn at Bank of America, the only professional source in Chicago I know of who specializes in such a program. This is what I found:

While some loans are available with No Money Down, a nominal amount of capital (3-5%) is generally required. Still, this is far less than many conventional conforming loans on the market today.

Wednesday, September 03, 2008

Mona and I had a bite to eat at La Creperie on Clark Street last evening then afterwards, walked over to the Landmark's Century Centre Cinema for a reception and screening of Chicago Writer/Director Steve Conrad's The Promotion starring Chicago actors John C. Reilly and Fred Armisen. Sponsored by the Midwest Independent Film Festival, a Producer's Panel, headed by long time local movie mainstay Steve Jones, kicked off the non-socializing part of the night at 6:30 followed by the 85 minute semi-dark comedy. Conrad and Jones then held a brief Q&A before everyone, several hundred independent film and media types, flocked to an after party at Forno Diablo on Diversey. I had to grab my wife by the arm and head in the opposite direction; home to reality in Forest Glen and a good night's sleep after a long real estate day (a career as rewarding at times, but not nearly as glamorous, I've concluded).

The beauty of this sweet and funny film, for me, was not so much the clever dialogue and intelligent performances from a variety of local actors but the presence of the various Chicago settings in the frames; a south side grocery store at Greenwood and 55th Street, several vacant lots in gentrifying areas with new construction projects and crafty shots of the skyline in the rack-focused background (not the usual stock footage of the Sears, Hancock, Lakefront, Navy Pier, etc ...), interior settings of 1920's brick apartment dwellings and two-flats, and of course...the cadre of Chicago 'extras' on the street (and in the parking lot--rent the DVD which comes out this week and you'll see what I mean. Hilarious.).

The first Tuesday of every month a different independent film from Chicago (and the other Midwestern states) is featured. My suggestion though, is to inquire about passes in advance. At the ticket booth I was told there was only one ticket left and I reluctantly forked over $10 for it at the urging of my wife. "Don't worry. I'll get in," she promised as she wandered up to the guy standing behind the velvet VIP rope. A few minutes later she was back with a ticket of her own.

"How did you manage that?" I asked.

"I told them my husband was a writer. He asked me 'who's your husband?' I said Geno Petro. He looked down at his paperwork and said 'he's not on the list. What's his name?' I said Geno Petro...okay, maybe he's just a blogger. Anyway, he gave me a ticket for free."

Figures. Beauty works every time. But then again, she actually looks like a movie star. I only look like a blogger.

About Me

I call Chicago my sweet home (okay, bitter-sweet in February). I travel whenever possible. I will write until the very end; will probably be selling real estate until then, as well (hoping this isn't any time soon). I love my wife, Mona. I love my animals. I use good judgement before killing any living thing. And remember, when it comes to Chicago real estate: it's only a 'buyer's market' if you're actually buying.

Bloodhound Blog Posts

Favorite Chicago 'Hoods

Rave Reviews

DENNIS RODKIN, CHICAGO MAGAZINE: "This guy looks at even more Chicago real estate each week than I do, which suggests if anyone knows where the bargains are now, Petro’s the one."

AVI on Yelp!: Geno Petro is by far the best realtor that you can have on your side. He was there through the whole process of going through a short sale which can be trying. He made sure that it moved along quickly and made sure the communication lines were always open. Could not have been happier with the experience.

POLITICAL CALCULATIONS (On The Moneyed Midways): "Geno Petro spans modern American culture in considering how to thwart his wife's inspiration to fix up a shack on the Tennessee River. The Best Post of the Week, Anywhere!"

TERI LUSSIER: GENO!!!!! Why can't you cough up some of that wit to me? I'd like to take over the world with it...

GREG SWANN (Bloodhound Blog):... You are an incomparable writer, Mister Petro, a category all your own.

JAY THOMPSON: If you don’t read Geno, you are missing one of the best writers on the net. The whole net.

HOWARD ARNOFF: ...discover just about the best storyteller in the real estate blogosphere, Geno Petro, writing from my home town of Chicago.

JIM LUDES: Geno, one of the best bloggers around!

CHRIS LENGQUIST: Geno is the best writer in RE.net, bar none.

CAROLE COHEN: Geno, Geno, Geno... When are you going to write a book? Or have you already? I am serious, this is soooo good. I'm going to hound you until you tell me where I can buy the book...

REALTYBLOGCOACH: Chicago’s Home Weblog by Geno Petro is a must-read. His colorful, conversational prose covers everything from the state of the industry to what’s happening in his local market to global warming, the corner cafe, his beloved broker, six degrees of separation, the credit crunch and media’s role in it, his barking dog, the latest cool loft listings, not to mention the adventures of Mr. and Mrs. Climbladder. I am not even doing him justice in this lame attempt to describe all that’s going on.

TERI ELLIS: Geno, don't think I've ever read one of your blog posts before; however, THIS one is great. You write with such an open look into your personality. That's what blog posts should do. Love it...

JOAN MIRANTZ: Geno...I just love how your mind works. You could look at grain of rice and do an interesting observation!

HOMESELLEREXPERIENCE.COM: Geno, where do I start here? Besides someone who should write their own book or become a journalist, you always indirectly provided me with great knowledge (and humour) from your blog. My wife and I read it daily and love it! You never scoffed at my questions or looked at me as just “another consumer” who didn’t know the industry. Instead, you proved your status as one of Chicago’s best agents and your knowledge of the industry is a huge asset. I’d love to come back to Chicago and move into the neighborhood I grew up in and if I did, you’d be the first person I would call. I wish you and your family nothing but the best in the future.

BBQ CAPITAL: For those of you that have never been introduced to Geno Petro up in Chicago...you have really missed something.

PAUL CHANEY: Geno, I have to say that's the best writing of any of the posts in the blog swap so far, and there have been some good ones, Christine's included. Do you always write with that kind of flair, or was it simply New York inspired? If the former, I'm adding your feed to my RSS reader! Great stuff. Very entertaining. Posted by: Paul Chaney | December 21, 2006

ALLISON STEWART: And that Geno, is why you are the "Bomb of Chicago"! (A good thing) Another wisdom filled, eloquently written pearl to add to the strand of outstanding observations, that not only captivates us but keep us reading!